Connect with us

Hi, what are you looking for?

Stock Markets

CLI to develop P20-B techno-business park

Cebu Landmasters, Inc. will be the developer and manager of the P20 billion Minglanilla Techno-Business Park in Cebu. — Company handout

The Philippine Reclamation Authority (PRA) has approved the 100-hectare reclamation project in Cebu, paving the way for Cebu Landmasters, Inc. (CLI) to develop a P20-billion techno-business park in the area.

The PRA and Minglanilla local government unit on Friday signed the agreement for the Ming-Mori Techno-Business Park.

CLI will develop and manage the techno-hub, saying it is one of the property developer’s biggest projects so far.

“Because of the scale of this project that will take several phases to develop, we have carefully and meticulously planned it to be sustainable and supportive of future generations,” CLI Chief Executive Officer (CEO) and Ming-Mori Development Corp. President Jose R. Soberano III said in a statement on Friday.

Aside from receiving the go signal from the PRA, the P20-billion project received an environmental compliance certificate from the Department of Environment and Natural Resources (DENR) in 2020 after more than five years of review.

“This is one of the start of a series of reclamation probably here because the only way for us to grow farther is to expand and to reclaim,” Environment Secretary Roy A. Cimatu said at the signing ceremony on Friday.

A detailed engineering design of the project is still needed, as well as other pre-construction requirements.

The Ming-Mori project is an “island type” of reclamation, which will be connected by bridges. The 100-hectare land area will be divided into two islands, one will span 75 hectares while the other will cover around 25 hectares. In-land filling for the project will be sourced from the mountains of Minglanilla, “as much as possible.”

“This could also start the ball rolling for more similar projects along the coast and that’s the only way we could expand because we all know that reclamation is always the answer for limited [areas],” Mr. Soberano said at the ceremony, pointing to countries like Singapore and the United States.

The hub is designed by Singapore-based Surbana Jurong Consultants Pte. Ltd.

Its first phase will feature commercial, residential, and institutional centers. It will also have its own port facility.

Cebu Landmasters said it has “solid support” from equity and bank partners for the project. It was also able to secure P3 billion notes to fund the first phase of construction, which is eyed to begin in the fourth quarter. It aims to complete the Ming-Mori project within three to five years.

Minglanilla Mayor Elanito A. Pena said the techno-business hub will help the municipality to achieve its goal of becoming a “world-class economic hub.”

“Our constituents will no longer look for jobs that require them to travel long [distances] as jobs can now be availed within reach,” Mr. Pena said. “The municipality income I think will increase, and therefore we will be able to better provide the basic needs and services to our people.”

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Breaking News

TikTok is one of the most rapidly growing platform. People across all the spectrum of age, gender, communities are joining the platform to...

Finance

A shopping centre in Coventry that eight years ago was valued at £37 million was sold this week for only £4.9 million, setting...

Breaking News

The $160,000 SS Dolphin is a hybrid 1950s Corvette clone from China – Business Insider Amazon Prime Day Business Insider logoThe words “Business Insider”....

Breaking News

Best exercise bikes of 2020: NordicTrack, Peloton, & others – Business Insider Business Insider logoThe words “Business Insider”. Back to TopA white circle with...

Disclaimer: CaptainOfSuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 Captain Of Success. All Rights Reserved.